Coca-Cola Hellenic, the sovereigns largest quoted
company, with a value of $7.6 billion, has quit the Athens
Stock Exchange, citing the volatility of the Greek operating
environment and the illiquidity of the Athens exchange, which
has plummeted 90% since 2007.

ECR data show that Coca-Colas decision is unsurprising.
Greece is by far the riskiest environment of domicile among
Coca-Colas six anchor bottlers. Greeces ECR score
shows the country falls well below the average of 66.6 among
the five other domiciles of Coca-Colas anchor bottlers:
Coca-Cola Enterprises, US; Coca-Cola Amatil, Australia; Swire
Coca-Cola, Hong Kong; Coca-Cola Japan; and Coca-Cola Femsa,
Mexico.

Source: ECR

Switzerland was chosen as the new domicile for the company
because of its stable economy and regulatory environment,
and the ease of doing business there, according to a
statement from Coca-Cola Hellenic.

This difference is reflected in ECRs data, which
shows that Greeces
regulatory and policy indicator  a measure of the
quality of the regulatory environment, and how well policy is
informed and implemented  registers a 4.3 (maximum of 10)
point difference to Switzerlands regulatory
indicator.

Source:
ECR

Greeces
inability to access capital is another main issue for large
companies domiciled in the country. Greece scores a lowly 24
points (out of 100) in ECRs access to capital metric,
compared to Switzerlands score of 93.

Source: ECR

Thirdly, Greeces high transfer risk reflects the heavy
tax-burden and low government revenue inflicting the sovereign.
Greece records the lowest government non-payments and
non-repatriation indicator score among the six domiciles of
Coca-Colas anchor bottlers, with a score of 4.1 (out of
10) in Q3 2012.

Source: ECR

The indicator is used as a measure of the risk that
government policies and actions pose to financial transfers.
Therefore, transfer risk in Greece remains a considerable
concern for ECR analysts and is a key factor in the decision by
Coca-Cola to pull out of Greece.

This is reflected in a report by Standard & Poors,
which this week lifted the warning on Fage Dairy Industry
 another company to abandon the Athens stock market. It
states, as reported in the Wall Street Journal: The
transfer of domicile reduced some of the risks associated with
a possible
exit of Greece from the eurozone and would likely ease the
company's access to capital markets.

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